Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,420 |
| 1 Bedroom | $2,540 |
| 2 Bedrooms | $2,770 |
| 3 Bedrooms | $3,510 |
| 4 Bedrooms | $3,840 |
| 5 Bedrooms | $4,454 |
| 6 Bedrooms | $4,988 |
| 7 Bedrooms | $5,387 |
| 8 Bedrooms | $5,656 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,540 | $204,256 | 1.24% | A |
| 2BR | $2,770 | $288,528 | 0.96% | C |
U.S. Census Bureau data (2024)
Located in the Northwest Bronx, ZIP code 10468 covers the neighborhoods of Kingsbridge Heights and parts of Bedford Park. This is a dense, primarily residential urban area characterized by pre-war walk-ups and Art Deco co-ops, sitting just north of Manhattan. A key anchor for the local economy and tenant base is the nearby Montefiore Medical Center’s Moses Division, which serves as a major employer and draws a steady stream of healthcare workers to the area. The neighborhood offers a mix of urban convenience and green spaces like Jerome Park Reservoir, making it a consistent draw for renters seeking accessibility outside of Manhattan.
From a numerical standpoint, the disparity between subsidized and market rates is narrow. The FY2026 Full FMR for a 2-bedroom unit is $2,670, while the current market rent (Zillow ZORI) sits at $2,225. This creates a positive gap of $445 per month in favor of voucher holders, offering a tangible premium over market tenants. However, investors should note the median home value is $264,784 with a median 2BR sale price of $284,057. Properties here move slowly, with a median of 196 days on market, indicating a buyers' market where patience is required to acquire assets.
The demand side is robust, driven by a 91.5% renter share—the dominant housing model here. With a median household income of $46,233, many residents are cost-burdened, heightening the need for housing assistance like Section 8. The area is well-served by the D and 4 subway lines, facilitating commutes to Manhattan and major job hubs, which helps maintain high occupancy rates. While local schools vary in performance, the transit connectivity and the presence of institutional employers like Montefiore help stabilize the tenant pool against economic downturns.
The Section 8 verdict for 10468 is positive for investors prioritizing cash flow and stability over rapid appreciation. The $445 spread between the 2-bedroom FMR and market rent provides a healthy buffer that can comfortably cover maintenance while yielding returns. Although the high 196-day median days on market suggests liquidating the asset may be slow, the massive renter population ensures that once a unit is secured, finding a qualified tenant—including voucher holders—is highly probable.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.